Dana to combine with Eaton Mobility in $5.1B deal; combined revenue ~$11B

DANA Inc

• Transaction values Eaton Mobility at ~$5.1B (~8.3x 2026E adj. EBITDA before synergies); combined company enterprise value over $10B.
• Reverse Morris Trust structure: Eaton shareholders own ≥50.1%, Dana shareholders ~49.9% post-close; Eaton receives ~$1.1B cash distribution.
• Pro forma 2026 estimated sales ~$11B, adj. EBITDA ~$1.7B (~15% margin); $250M annual run-rate synergies within 24 months.
• New leadership: R. Bruce McDonald as Executive Chairman, Byron Foster as CEO (effective July 1, 2026); Timothy Kraus remains CFO.
• Dana raises 2030 targets: $14-15B sales, ~18% adj. EBITDA margin, 8-9% adj. FCF margin; deal expected to close Q1 2027.